Starting next season, drivers will use sleek open-cockpit cars powered by much stronger batteries. The new vehicles, which bear a mild resemblance to the Batmobile, are capable of delivering a maximum power of 250 kilowatts (equivalent to roughly 335 HP) and reaching speeds of 174 miles per hour (280 km/h).

Both organizations will leverage their mutual strengths to expand the development and manufacturing of electric vehicles, powertrain, Advanced Driver Assistance Systems, and other systems in India and in other emerging markets

Mahindra Racing and Magneti Marelli will also begin a new commercial partnership, with the Italian supplier's branding appearing on the season two M2Electro for the remaining races of the current season, the Mahindra group entity said in a statement.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.